Regulatory Alerts2022-05-18
Statement on proposed taxation of collective investment schemes
The Capital Markets Authority of Uganda addresses circulating concerns regarding the proposed taxation of Collective Investment Schemes and the interpretation of Section 21(1)(t) of the Income Tax Act. The regulator asserts that classifying Unit Trust Schemes as incorporated companies contradicts the Companies Act and undermines the tax exemption's intent to encourage domestic savings. Consequently, the Authority is engaging with the Ministry of Finance to clarify tax policy and ensure consistent application of the Income Tax Act across the industry.
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